You're retiring

Congratulations! But this isn’t the end of the story, rather the beginning of a new chapter.


Keep reading to make those final checks. Now that you’re retiring it’s important to get every detail ironed out and it’s sometimes good to go back and check for creases.

Who knows? You might realise you could save more money in retirement by withdrawing a different way.

If you are thinking of retiring within the next year, contact the administrator to get an up-to-date pension quotation or value of your account.


What does retirement mean to you?

This is a new adventure. Do you know what you love doing, and if you can afford to do it with what you’ve saved? Make your final checks by using our checklist below...

The Final Checklist

1. Check your choices for taking your money

Review how you want to withdraw your pensions savings and make sure your choice still fits with your needs.

Are you planning to take a tax-free lump sum? If so, have you planned what you are going to do with it? Just moving it into a current account may reduce its future spending power due to inflation. 

Show me my options

2. What are your spending needs in retirement?

Can’t resist your inner wanderlust? Use the budget planner to help work out an annual budget so you can make informed decisions about withdrawing your pension.

3. Do you have other savings?

Maybe you do, but you don't know you do. Or perhaps you don't know where it's gone. Money has a habit of doing that.

If you've lost track of previous pensions, you can contact the Pension Tracing Service. You could also check out our handy guide to tracking down forgotten pension pots, for a quick step in the right direction.

4. Will you get the full State Pension?

Find out if you’ve paid enough National Insurance Contributions  – and what to do if not. 

Read more about the State Pension here.  

5. Make use of free guidance!

As a member of the MMT, you can access a Retirement Service, provided by HUB Financial Solutions. This service will:

  • Help you envisage what you want life in retirement to look like.
  • Give you a free personal retirement plan to help you make the most of your pensions, savings and other investments.
  • Provide fully-regulated financial advice, subject to a fee. This includes a plan for reviewing your income needs on an ongoing basis and making changes when necessary.

Be armed with information when it comes to taking your money. Don’t forget to use the other free guidance services available to you, such as Money Helper and Pension Wise.

Remember, taking the money that you’ve worked your entire career to save is a big decision that shouldn’t be made on a whim.

Do you feel like a deer in the onrushing headlights of retirement? Then a financial adviser can help you make the right choice. Money Helper can find you one quickly and easily.


Take your money!

The time has come! 

You’re finally ready to access your money! If you’re unsure how, here’s a step-by-step guide:

  1. Find out your latest value - If you want to start taking your retirement savings, contact Mercer. The administrator will give you an up-to-date value of your MMT account
  2. If you have also built up a pension in the IMI 2014 Fund, contact them for a pension quotation.
  3. Confirm your decision - You will then need to let the administrator know if you want to go ahead with taking your savings, and how you plan to take your savings. 

Please be aware that it can take up to 6-8 weeks before you can start taking your retirement savings.


Don't let a scammer enjoy your retirement

Unfortunately, many people have lost their savings to pension scammers who will pull out their dirtiest tricks to get their hands on your retirement savings.

To protect yourself from a pension scam, learn how to spot the signs and check who you are dealing with.

Protect yourself now